Where Bass, Denninger, Mish and a host of others get it wrong is not correctly identifying the sequential doubling periods (ie the last one is @ 11:59, not 6:00). Sure, they go on about exponents & math, but they never seem to realize that if the end-game is obvious once a credit cycle has started, why isn't the end-game obvious when it started?
I believe the end-game is very well known from the very beginning. It's not difficult to understand the progression, therefore the outcome is easily modeled from the git-go.
So then the question becomes: why? In, why was a debt-money system that was designed to fail adopted by the USA? That's a question no one seems to want to explore.
“In, why was a debt-money system that was designed to fail adopted by the USA....”
Try this: